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Coronavirus and pension funds – South Africa

In the wake of coronavirus and the possibility of negative impacts on the economy, trustees of pension funds need to focus on their fiduciary duties. Trustees must ensure that they are well-advised on the possible impact of COVID-19 on their investments and seek to mitigate any loss to assets under investment. The mitigation must include … Continue reading

Essential service businesses, have you received an updated certificate from CIPC?

Companies which are registered to perform essential services during the lockdown should have by now received a new certificate from the Companies and Intellectual Property Commission (CIPC) for the extended lockdown period. The old certificates are no longer valid and will have to be disposed of. The new certificates should be automatically emailed to companies … Continue reading

SA websites must be updated to have a link to government’s COVID-19 site

To promote the dissemination of real time public information (and to help in combatting the spread of fake news), internet sites operating within za Domain Name Authority (.zaDNA) top level domain name must be updated to include a landing page with a visible link to www.sacoronavirus.co.za. .zaDNA is the statutory regulator and manager of ‘.za’ … Continue reading

COVID-19 and Finance Documents: Could the Material Adverse Effect clause be triggered?

How does the COVID-19 pandemic affect borrowers and lenders and their financing arrangements? A Material Adverse Effect (MAE) clause is included in most finance agreements. It is a catch-all concept to capture unpredictable and unforeseen events or circumstances that would otherwise be difficult to incorporate into the agreement specifically. Broadly, a MAE clause covers a … Continue reading

Force majeure and contractual obligations (COVID-19)

COVID-19 and force majeure Will the corona virus (COVID-19) constitute a force majeure event under South African law? The answer to that is it depends. The virus has been declared as a pandemic by the World Health Organisation and is causing economic chaos on an international scale never seen before, due to the closure of … Continue reading

Insurance claims and COVID-19

If you haven’t already dusted off the business interruption, liability and event cancellation policies you have underwritten, or placed for an insured, and checked for coronavirus coverage, now is the time to do so. Exposure and benefits of both business interruption coverage (covering the insureds losses from an abrupt shutdown) and contingent business interruption coverage … Continue reading

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